Financial management (61 - 70 of 75 items)
Failed Thrifts: Resolution Trust Corporation and 1988 Bank Board Resolution Actions
T-GGD-90-29: Published: Apr 2, 1990. Publicly Released: Apr 2, 1990.
GAO discussed the Resolution Trust Corporation's (RTC) resolution of insolvent thrifts. GAO noted that: (1) RTC had either sold or liquidated 52 thrifts and placed 350 thrifts in its conservatorship program as of March 21, 1990; (2) RTC expected to become responsible for resolving 558 to 628 institutions; (3) the pace and structure of RTC resolutions and its marketing and selection process represe...
Property and Casualty Insurance: Thrift Failures Provide Valuable Lessons
T-AFMD-89-7: Published: Apr 19, 1989. Publicly Released: Apr 19, 1989.
GAO discussed two insurance companies' business practices and the events that caused them to fail. GAO found that: (1) both companies attempted growth-oriented strategies, used managing general agents (MGA) to write business on their behalf without adequately ensuring that MGA acted in their best interest, and expanded their businesses beyond their traditional lines; (2) many of the companies' rei...
Failed Thrifts: GAO's Analysis of Bank Board 1988 Deals
T-GGD-89-11: Published: Mar 14, 1989. Publicly Released: Mar 14, 1989.
GAO discussed Federal Savings and Loan Insurance Corporation (FSLIC)-assisted sales of failed thrifts. GAO found that: (1) the costs of the sales will exceed FSLIC estimates if guaranteed assets do not have the projected values or if interest rates increase; (2) tax laws granted tax benefits to insolvent thrift acquirers and allowed deduction of presale net operating losses from their future incom...
CPA Audit Quality: Failures of CPA Audits to Identify and Report Significant Savings and Loan Problems
AFMD-89-45: Published: Feb 2, 1989. Publicly Released: Feb 2, 1989.
Pursuant to a congressional request, GAO assessed the quality of audits of savings and loan associations in the Federal Home Loan Bank Board's (FHLBB) Dallas district.GAO reviewed audits performed by 9 independent certified public accountant (CPA) firms and found that the CPA firms: (1) did not adequately audit 6 of the 11 savings and loan associations' financial or internal control problems; (2)...
Budgetary Implications of the Savings and Loan Crisis
T-AFMD-88-19: Published: Oct 5, 1988. Publicly Released: Oct 5, 1988.
GAO discussed the budgetary impact of the: (1) savings and loan industry crisis; and (2) Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent thrift institutions. GAO found that, in 1988: (1) thrift industry experienced an overall net loss totalling $7.5 billion; (2) insolvent institutions incurred losses of about...
The Federal Savings and Loan Insurance Corporation's Use of Notes and Assistance Guarantees
T-AFMD-88-17: Published: Sep 8, 1988. Publicly Released: Sep 8, 1988.
GAO discussed the Federal Savings and Loan Insurance Corporation's (FSLIC) use of notes payable and other commitments to resolve its case load of insolvent savings and loans institutions. GAO found that FSLIC: (1) used acquisitions or mergers to resolve the problems of insolvent savings and loan institutions; (2) issued 22 notes worth about $6.8 billion in 83 merger transactions, and made substant...
Budget Issues: Information on FDIC and FSLIC Notes Payable
AFMD-88-71FS: Published: Aug 5, 1988. Publicly Released: Aug 5, 1988.
Pursuant to a congressional request, GAO provided information regarding the dollar value of interest-paying notes the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC) issued to assist: (1) failing banks to continue operations; and (2) acquirers to purchase failing banks.GAO found that FDIC: (1) issued $466 million in notes during fiscal ye...
Financial Audit: Federal Deposit Insurance Corporation's 1987 and 1986 Financial Statements
AFMD-88-43: Published: Apr 22, 1988. Publicly Released: Apr 22, 1988.
GAO examined the financial statements of the Federal Deposit Insurance Corporation (FDIC) for the years ended December 31, 1987 and 1986.GAO found that FDIC: (1) substantially increased its expenditures for assistance and regulatory actions due to an increase in bank failures and problem banks and the less-developed countries' difficulties in repaying loans; and (2) anticipates that it may incur a...
Using 'Firewalls' in a Post Glass-Steagall Banking Environment
T-GGD-88-25: Published: Apr 13, 1988. Publicly Released: Apr 13, 1988.
Pursuant to a congressional request, GAO discussed the use of "firewalls," legal and regulatory measures that separate a company's banking and nonbanking activities, in the event of repeal or relaxation of the Banking Act of 1933. GAO noted that firewalls protect bank safety and prevent conflict-of-interest abuses by promoting: (1) legal separation so that banks are not legally liable for their af...
Bank Powers: Issues Related to Repeal of the Glass-Steagall Act
GGD-88-37: Published: Jan 22, 1988. Publicly Released: Feb 12, 1988.
In response to a congressional request, GAO provided information on issues concerning the expansion of banks' securities powers through repeal of the Banking Act of 1933 (Glass-Steagall) and the ramifications of eliminating or extending the moratorium on expansion of bank powers.GAO found that repeal of the act could: (1) benefit consumers in terms of lower prices and better services; and (2) crea...